Core Viewpoints - The wind power sector is viewed positively for short, medium, and long-term opportunities [3][4] - Short-term logic includes strong half-year reports and optimistic performance outlook for the second half of the year, driven by robust project initiation and revenue growth [4] - Medium-term logic highlights a reversal of three previously negative factors affecting investment sentiment in the wind power sector [4] - Long-term logic emphasizes the competitive advantages of wind power in the context of market-oriented trading and stable industry dynamics [4] Short-term Logic - The wind power sector is expected to benefit from strong performance in the first half of the year, with optimistic growth projections for Q2 [4] - The sector is experiencing a positive demonstration effect from strong stock performance of companies showing earnings improvement [4] Medium-term Logic - The three previously negative factors affecting the wind power sector have shown significant reversal: 1. Wind turbine price wars have shifted from deflation to inflation, with prices recovering since Q4 2024 [4] 2. The certainty of domestic offshore wind project advancement has significantly increased, with project approvals accelerating in 2025 [4] 3. European offshore wind demand has rebounded, with project returns improving due to supportive policies and decreasing interest rates [4] Long-term Logic - Wind power's output characteristics provide significant price advantages in a fully market-oriented trading environment [4] - The competitive landscape is expected to remain stable due to high barriers to entry and a customer base dominated by state-owned enterprises and large international energy groups [4] - There is substantial potential for export substitution across the industry chain, providing additional growth opportunities in overseas markets [4] Demand Outlook - Domestic wind power installations are projected to reach 110 GW in 2025, with significant contributions from both onshore and offshore projects [9][12] - The global wind power installation is expected to maintain a high level in 2026, supported by strong demand both domestically and internationally [5][6] Investment Recommendations - The report recommends focusing on three main lines of investment: complete machines, offshore wind, and components [5][45] - Key companies to watch include Goldwind Technology, Envision Energy, Mingyang Smart Energy, and SANY Heavy Energy for complete machines [5] - For offshore wind, companies like Daikin Heavy Industries and Dongfang Cable are highlighted due to their expected performance in the growing market [5] - In the components sector, companies such as Risen Energy and Jinlei Technology are expected to benefit from seasonal production increases and price adjustments [5][70] Competitive Landscape - The wind power industry is characterized by a stable competitive structure, with limited new entrants due to high barriers and established market players [73] - The market share of leading companies has remained relatively stable, indicating a strong competitive position among top players [73][74]

证券代码：603218 证券简称：日月股份 公告编号：2025-031 一、本次限制性股票回购注销的决策与信息披露 1、2025 年 4 月 25 日，日月重工股份有限公司（以下简称"公司"）召开第 六届董事会第十三次会议和第六届监事会第十三次会议，审议通过了《关于回购 注销部分激励对象已获授但尚未解除限售的限制性股票的议案》。根据公司 《2023 年限制性股票激励计划》的相关规定，同意注销因激励对象离职及因个人 业绩考核未达标的已获授但尚未解除限售的 149,000 股限制性股票。具体内容详 见公司 2025 年 4 月 29 日在上海证券交易所网站（www.sse.com.cn）及同日于指 定披露媒体披露的《关于回购注销部分激励对象已获授但尚未解除限售的限制性 股票的公告》（公告编号：2025-016）。 日月重工股份有限公司 股权激励限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购股份数量 | 注销股份数量 | | | 注销日期 | | | | --- | --- | ...

Meeting Details - The shareholders' meeting was held on June 20, 2025, at the Sun Moon Star Building, Ningbo, Zhejiang Province [1] - The meeting was presided over by Mr. Wang Ye, who was elected by more than half of the board members [1] Attendance and Voting - The meeting utilized a combination of on-site and online voting methods, complying with the Company Law and the company's articles of association [1] - The attendance of shareholders and their respective shares was confirmed as valid [1] Resolutions Passed - All non-cumulative voting proposals were approved with significant majority support, including: - A total of 646,911,240 votes (99.9008%) in favor of the first proposal, with only 361,854 votes (0.0558%) against [2] - The second proposal received 646,905,440 votes (99.8999%) in favor, with 360,254 votes (0.0556%) against [2] - The third proposal garnered 646,915,298 votes (99.9014%) in favor, with 348,754 votes (0.0538%) against [3] - The fourth proposal achieved 646,916,898 votes (99.9017%) in favor, with 347,454 votes (0.0536%) against [3] Legal Compliance - The meeting's procedures and voting methods were confirmed to be in accordance with relevant laws and regulations, ensuring the legitimacy of the resolutions passed [5]

证券代码：603218 证券简称：日月股份 公告编号：2025-030 日月重工股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 20 日 (二)股东大会召开的地点：日月星座大厦 3 楼会议室（浙江省宁波市鄞州区首南 街道天智巷 7 号） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 366 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 647,553,394 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 63.5334 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，由半数以上董事推举的董事兼董事会秘书王烨 先生主持会议，会议采取现场和网络投票相结合的表决方 ...

北京 上海 深圳 杭州 广州 昆明 天津 成都 宁波 福州 西安 南京 南宁 济南 香港 巴黎 马德里 硅谷 BEIJING SHANGHAI SHENZHE N HANGZHOU GUANGZHOU KUNMING TIANJIN CHENGD U NINGBO FUZHOU XI'AN NANJING NANNING JINAN H O N G K O N G PARIS MADRID S I L I C O N V A L L E Y 中国上海市静安区山西北路 99 号苏河湾中心 MT 25-28 层 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +86 21 52341668 传真/Fax: +86 21 52341670 网址/Website:http://www.grandall.com.cn 国浩律师（上海）事务所 关于日月重工股份有限公司 2024 年年度股东大会的 法律意见书 致：日月重工股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司 ...

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The wind power sector is expected to emerge from its "cycle," moving towards profitability and new growth opportunities [2] - The land wind cycle is showing signs of recovery, with expectations for price and volume restoration [4] - The offshore wind cycle is at a turning point, with anticipation for marginal improvements [4] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on the recovery of the wind power industry chain, highlighting companies such as Goldwind Technology (002202), Mingyang Smart Energy (601615), and others [4] - For offshore wind, it recommends companies with high relevance to offshore wind, including Dongfang Cable (603606) and Zhenjiang Co. (603507) [4] Market Trends - The bidding data for wind power projects from January to May 2025 shows a steady growth trend, with a total scale of approximately 64.46 GW, reflecting a year-on-year increase of nearly 20% [9] - The average bidding prices for land wind power projects have stabilized, indicating a potential recovery in profitability for the wind power industry chain [9] - The export of wind turbines is a key driver for long-term industry growth, with significant increases in international bidding volumes [9]

Core Viewpoint - The wind power industry is experiencing significant growth as the global energy structure shifts towards clean energy, with Dayun Heavy Industry Co., Ltd. (referred to as "the company") showcasing its operational achievements and strategic layout during its 2024 annual and Q1 2025 performance briefing [2] Group 1: Financial Performance - In 2024, the company achieved an operating income of 4.696 billion yuan, a year-on-year increase of 0.87% [2] - The net profit attributable to shareholders reached 624 million yuan, reflecting a year-on-year growth of 29.55% [2] Group 2: Product Development and Market Position - The company focuses on expanding its core product lines in wind power castings and plastic machinery castings while actively researching nuclear power equipment and alloy steel, establishing a unique competitive advantage in heavy machinery [3] - The company has developed a production capacity exceeding 700,000 tons annually, becoming a major supplier of wind power castings and injection molding machine castings globally [3] - The company has successfully participated in the development of large megawatt wind turbine products, achieving mass shipments of domestic megawatt models and offshore wind turbine products [3] Group 3: Technological Advancements - The company has developed a unique ductile iron thick-section technology that enhances the performance of megawatt wind turbine shaft products to the level of forged shafts while reducing production costs, significantly strengthening its competitive edge in the wind power sector [3] - In the alloy steel segment, the company has successfully developed low-alloy steel and chromium-molybdenum steel cast products, achieving batch shipments and expanding its product offerings to meet the needs of large die-casting machines for new energy vehicles [4] Group 4: Future Outlook and Diversification - The company is in the process of upgrading its cast steel business, with significant revenue growth expected in 2024, although margin improvements are anticipated to begin in 2025 [5] - The company is investing in the industrialization of nuclear waste storage tank projects, having completed process standardization and resource preparation, and is poised to enter the market soon [5]

Core Viewpoint - The financial report of Rihua Co. for 2024 shows a slight increase in revenue but a significant growth in net profit, while the net cash flow from operating activities has drastically decreased, indicating potential challenges in financial health and operational strategy [1][2][3]. Revenue and Market Position - In 2024, Rihua Co. achieved operating revenue of 4,695,947,539.30 yuan, a 0.87% increase from 4,655,640,798.77 yuan in 2023, reflecting stable market share despite minimal growth [1]. - Quarterly revenue showed a consistent upward trend, with figures of 697,687,177.34 yuan, 1,090,295,431.24 yuan, 1,396,809,422.85 yuan, and 1,511,155,507.87 yuan, indicating gradual business expansion throughout the year [1]. Profitability and Cost Management - The net profit attributable to shareholders was 623,809,070.27 yuan, a 29.55% increase from 481,507,348.76 yuan in 2023, primarily due to effective cost control and internal management [2]. - Despite low bidding prices in the wind turbine sector, the company managed to optimize costs through stringent expense management and improvements in procurement and technology [2]. Non-Recurring Profit Concerns - The net profit excluding non-recurring items was 333,258,314.06 yuan, down 21.57% from 424,927,667.31 yuan in 2023, indicating potential challenges in core business profitability [3]. - The decline in non-recurring profit raises concerns about the sustainability of overall profit growth, necessitating further observation [3]. Earnings Per Share Analysis - Basic earnings per share increased to 0.61 yuan, up 29.79% from 0.47 yuan in 2023, aligning with the net profit growth trend [4]. - Conversely, the diluted earnings per share fell to 0.33 yuan, down 19.51% from 0.41 yuan in 2023, highlighting the impact of declining non-recurring profit on overall earnings [4]. Expense Management - Sales expenses significantly decreased by 59.18% to 16,255,033.77 yuan from 39,824,697.16 yuan in 2023, attributed to a new system that reclassified packaging costs [5]. - Management expenses rose by 6.82% to 188,298,893.08 yuan, driven by increased asset depreciation and amortization [5]. - Financial expenses decreased by 44.47% to -57,596,479.28 yuan, influenced by reduced foreign exchange gains and interest income [5]. - Research and development expenses fell by 12.09% to 227,436,636.07 yuan, reflecting changes in resource allocation, although the company continues to prioritize R&D with significant patent achievements [5]. Cash Flow Analysis - The net cash flow from operating activities plummeted to -158,231,624.33 yuan, a 125.67% decrease from 616,388,386.85 yuan in 2023, primarily due to reduced government subsidies and increased inventory [7]. - Cash flow from investing activities improved significantly to 824,217,577.85 yuan from -598,602,579.50 yuan in 2023, indicating a strategic adjustment in investment management [7]. - Cash flow from financing activities decreased by 18.69% to 357,688,613.48 yuan, reflecting a reduction in long-term borrowing activities [7]. Research and Development Workforce - The company has a stable R&D workforce of 308 individuals, accounting for 6.48% of total employees, providing a solid foundation for technological innovation [6]. - The educational background and age distribution of R&D personnel indicate a diverse and capable team, essential for ongoing product development [6]. Conclusion - Rihua Co.'s 2024 financial report highlights a complex scenario of profit growth amidst declining cash flow, necessitating careful monitoring of financial health and operational strategies for potential investment opportunities [8].

日月重工股份有限公司 2024 年年度股东大会会议资料 二〇二五年六月 日月重工股份有限公司 2024 年年度股东大会 | 序号 | 目录 | 页码 | | --- | --- | --- | | 一 | 2024 年年度股东大会会议须知 | 3 | | 二 | 2024 年年度股东大会会议议程 | 5 | | 三 | 2024 年年度股东大会议案 | 7 | | 1 | 《2024 年度董事会工作报告》 | 7 | | 2 | 《2024 年度监事会工作报告》 | 12 | | 3 | 《2024 年度财务决算报告》 | 16 | | 4 | 《2024 年度利润分配方案》 | 21 | | 5 | 《2024 年年度报告及摘要》 | 22 | | 6 | 《关于确认董事及高级管理人员 2024 年度薪酬及拟定 2025 年度薪 酬方案的议 案》 | 23 | | 7 | 《关于 2024 年度日常关联交易执行情况及 2025 年度日常关联交易 预计的议案》 | 26 | | 8 | 《关于续聘会计师事务所的议案》 | 36 | | 9 | 《关于募集资金投资项目重新论证并暂缓实施的议案》 | 41 | | ...

Financial Performance - The company's operating revenue for 2024 reached ¥4,695,947,539.30, representing a 0.87% increase compared to ¥4,655,640,798.77 in 2023[23] - Net profit attributable to shareholders for 2024 was ¥623,809,070.27, a significant increase of 29.55% from ¥481,507,348.76 in 2023[23] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 21.57% to ¥333,258,314.06 from ¥424,927,667.31 in 2023[23] - The net cash flow from operating activities for 2024 was negative at -¥158,231,624.33, a decline of 125.67% compared to ¥616,388,386.85 in 2023[23] - As of the end of 2024, the net assets attributable to shareholders were ¥10,123,950,931.85, reflecting a 2.95% increase from ¥9,834,168,690.77 at the end of 2023[24] - Total assets at the end of 2024 amounted to ¥13,678,500,217.13, a slight decrease of 0.97% from ¥13,813,121,796.87 in 2023[24] - The basic earnings per share for 2024 is CNY 0.61, a 29.79% increase compared to CNY 0.47 in 2023[25] - The diluted earnings per share for 2024 also stands at CNY 0.61, reflecting consistent performance with the basic earnings per share[25] - The company achieved a weighted average return on equity of 6.26% in 2024, an increase of 1.31 percentage points from 4.95% in 2023[25] - The total operating costs for 2024 were CNY 428,883.57 million, reflecting a 2.44% increase year-on-year, primarily due to increased production and related costs[64] Dividend Policy - The company plans to distribute a cash dividend of ¥0.35 per share (including tax) to all shareholders, pending approval at the shareholders' meeting[6] - The cash dividend amount (including tax) is CNY 356,731,392.50, which accounts for 57.19% of the net profit attributable to ordinary shareholders in the consolidated financial statements of CNY 623,809,070.27[136] - The total dividend amount (including tax) is CNY 438,920,147.50, representing 70.36% of the net profit attributable to ordinary shareholders in the consolidated financial statements[136] - The cumulative cash dividend amount (including tax) over the last three accounting years is CNY 848,591,406.50, with an average net profit of CNY 483,214,492.68, resulting in a cash dividend ratio of 175.61%[138] - The company has a cash dividend policy that mandates a minimum of 10% of the distributable profit to be distributed as cash dividends each year, provided the audited net profit is positive[130] Research and Development - The company invested a total of 22,743.66 million yuan in R&D, resulting in 174 authorized patents, including 66 invention patents, by the end of 2024[34] - The company invested approximately 227.44 million yuan in R&D in 2024, which supports its technological advancements and product development capabilities[55] - The company has committed to continuous R&D of large megawatt wind power products to capture market opportunities in both domestic and international offshore wind power markets[38] - The company is focusing on expanding its product lines in renewable energy and heavy machinery sectors, enhancing its competitive advantage[33] Production Capacity and Operations - The company has established an annual production capacity of over 700,000 tons in casting, becoming a major supplier in the global wind power casting and injection molding machine casting markets[33] - The company’s production capacity utilization rate improved in 2024, with total sales reaching 490,000 tons, achieving a balance between production and sales[35] - By the end of 2024, the company had established a casting capacity of 700,000 tons and precision processing capacity of 420,000 tons[39] - The company operates an order-based production model, focusing on flexible production of small batches and various products in its Ningbo region facilities[50] Market Position and Strategy - The company is positioned to strengthen its market leadership in the heavy machinery casting industry through technological and quality advantages[48] - The company is actively participating in the development of the wind power industry, aligning with national strategies for carbon neutrality and renewable energy[46] - The company has established stable partnerships with major wind turbine customers, enhancing its market position both domestically and internationally[57] - The company aims to develop thick-section ductile iron technology to expand its product growth space, particularly in the nuclear power sector[40] Environmental and Social Responsibility - The company has maintained its status as a "Green Factory" in Zhejiang Province and a "National Green Factory Demonstration Enterprise," focusing on energy conservation and emission reduction[38] - The company has invested approximately 19.5 million yuan in environmental protection during the reporting period[145] - The company has implemented a comprehensive wastewater treatment system that meets the first-level discharge standards[149] - The company has achieved a reduction of 28,639.69 tons in carbon dioxide equivalent emissions through various carbon reduction measures[155] Risk Management - The company has outlined various risks and countermeasures in its report, urging investors to pay attention to investment risks[10] - The company is facing risks from raw material price fluctuations, which could increase operational costs and affect profitability if not passed on to downstream customers[95] - The company emphasizes risk control and communication with customers and suppliers to mitigate potential operational risks[97] Corporate Governance - The company’s financial performance and management structure are overseen by a board of directors and a supervisory board[109] - The company has established a clear process for determining and approving the remuneration of its directors and senior management[109] - The company has a remuneration and assessment committee that reviews the annual remuneration of directors and senior management[110] - The company’s board of directors has been stable, with no changes in shareholding for most members during the reporting period[104] Related Party Transactions - The total amount of related party transactions for the year is 29,603.4 thousand RMB, accounting for 0.76% of similar transactions[171] - The company confirmed that all related party transactions were conducted at market prices[170] - The company has not disclosed any new related party transactions that require reporting[174] Share Capital and Stock Incentives - The total share capital decreased from 1,031,020,000 shares to 1,030,565,250 shares due to the repurchase and cancellation of 454,750 shares[196] - The company’s stock incentive plan involved 65 recipients, with a significant portion of shares being subject to performance conditions[200] - 1,276,500 shares were released from restrictions for 60 incentive recipients as of May 13, 2024[196]